ExxonMobil Completes Restructuring of Its Dutch Gas Transportation Interests.IRVING, Texas Irving (pronounced 'er-ving') is a city located in the U.S. state of Texas within Dallas County. According to the 2000 U.S. Census, the city population was 191,615; the 2006 estimate was 201,927 according to the North Central Texas Council of Governments, and 196,084 according to -- Exxon Mobil Corporation Exxon Mobil Corporation U.S.-based oil and gas company formed in 1999 through the merger of Exxon Corp. and Mobil Corp. It has investments and operations in petroleum and natural gas, coal, nuclear fuels, chemicals, and ores. (NYSE NYSE See: New York Stock Exchange :XOM XOM Exxon Mobil Corporation (stock symbol) XOM X/Open Object Management XOM OSI-Abstract-Data Manipulation API XOM Xml Object Model XOM X/Open Osi Abstract Data Manipulation ) announced today that its subsidiary, Esso Nederland B.V., has completed the restructuring of its interest in the Dutch gas transportation business. This restructuring had in principle been agreed under the terms of a Heads of Agreement Heads of Agreement A non-binding document outlining the main issues relevant to a tentative partnership agreement. Notes: It is the draft used by lawyers when drawing up the contract. It serves as a guideline for both parties before any documents are legalized. signed on Nov. 1, 2004 between Esso Nederland B.V., Shell Nederland B.V. and the State of the Netherlands. Following the successful completion of various regulatory reviews and detailed agreements, Esso Nederland B.V. and Shell Nederland B.V. have today formally transferred their ownership share of 25 percent each in Gasunie's gas transportation business to the State of the Netherlands. At the same time the State of the Netherlands has paid an agreed net compensation in the amount of 2.77 billion euros to NAM, the Dutch oil See Dutch liquid and gas producing company jointly owned by ExxonMobil and Shell. The positive after-tax earnings impact of this transaction will be approximately $1.6 billion and will be reported in third quarter 2005 results. This step completes the restructuring of the Dutch gas transport business consistent with the goals of the Second European Gas Directive to further the liberalization lib·er·al·ize v. lib·er·al·ized, lib·er·al·iz·ing, lib·er·al·iz·es v.tr. To make liberal or more liberal: "Our standards of private conduct have been greatly liberalized . . . of the natural gas market in Europe. It is also consistent with the recently revised Dutch Gas Act. As part of this restructuring, Gasunie has been legally split into a transportation company and a merchant company. The transport company is now 100 percent owned by the State. The ownership of the merchant company has remained unchanged with 50 percent owned by the State of the Netherlands and 25 percent each owned by Esso Nederland B.V. and Shell Nederland B.V. CAUTIONARY STATEMENT: Estimates and business plans in this release are forward-looking statements. Actual future results could differ materially depending on the outcome of commercial negotiations, changes in law or government policy, and other factors discussed under the caption "Factors Affecting Future Results" in item 1 of ExxonMobil's most recent 10-K and available on our website at www.exxonmobil.com. |
|
||||||||||||||||
Printer friendly
Cite/link
Email
Feedback
Reader Opinion